Biden accomplishments

That's the exact reason. We have a special needs president running the country.

Rick wrote: Amazingly stupid, isn't it? I'd actually be ok with $5 a gallon and a shortage so that even the most ardent Biden voting progressives get a wakeup call where they realize the green utopia is still a long way off and our economy will be destroyed without affordable energy.

Agree. The anti fossil fuel attitude from elitest leftists will hurt them with the working poor trying to heat their homes this winter.

Biden’s Covid Death Milestone
More Americans have died of the virus in 2021 than in all of 2020.

www.wsj.com/articles/bidens-covid-death-...on-trump-11637708781

Must be Trump's vault.

It is wonderful to wake up in the morning and find that he has reversed the Wall Street truism, "Buy low and sell high"

The administration is now buying back oil for the strategic oil reserve at a higher price than that which it was sold at. i.e. "Buy High, Sell Low".


www.zerohedge.com/political/biden-begins...s-prices-back-record

I'm pretty sure I saved $.02 a gallon for a couple weeks so I call it a win!

The opinion piece in Zero Hedge links to a CNN story that contains additional information that was not included in the ZH piece:

Yet McNally, now president of consulting firm Rapidan Energy Group, cautioned that the Biden administration's efforts to buy back oil will only partially reverse the drawdown in the SPR's size in recent years.

The buyback plan won't impact congressionally mandated sales of oil from the SPR aimed at raising revenue to ease the federal deficit.
The Energy Department says those sales total as much as 265 million barrels between fiscal 2023 and fiscal 2031.

"Congress has been irresponsibly selling the SPR down," McNally said. "Draining the reserve leaves the country and the world more vulnerable to geopolitical shocks."

www.cnn.com/2022/05/05/energy/spr-biden/index.html

Both CNN and Zero Hedge ignore additional information clarifying when the oil will be replenished:

The Fall 2022 call for bids to purchase 60 million barrels will specify the volume and type of crude oil that SPR will purchase. The future delivery window will be based on anticipated market conditions factoring in when future oil prices and demand are expected to be significantly lower, likely after FY 2023. In addition to securing contracts for future delivery to refill the SPR, this replenishment structure also will help encourage the production we need now to lower prices this year by guaranteeing this demand in the future at a time when market participants anticipate crude oil prices to be significantly lower than they are today.

(No, I'm not back. I am just adding additional information that helps the open-minded get a clearer picture of how the Strategic Oil Reserve is handled.)

WELL, that is unfortunate that u will not post again....it is arduous undertaking to present FACTS.....thank u for your input ....PLEASE re consider your decision.

Wayne,
It's great to see that you are monitoring MYM closely.

Prior to posting, I read that CNN reference, provided by ZeroHedge, and found it to be misleading for this thread. As CNN states and you reiterate, ""Congress has been irresponsibly selling the SPR down," McNally said. "Draining the reserve leaves the country and the world more vulnerable to geopolitical shocks."

This is misleading in that "Biden ordering massive release of oil in bid to curb gas prices"
www.axios.com/2022/03/31/biden-strategic...-reserve-oil-release .

So the reader is left in a quandry, is Congress responsible for the drawdown of the SPR or Biden. Whom do we believe, the President, or an oil industry lobbyist?

Also CNN tells us "The West hopes that adding supply to the global energy market will put a ceiling on oil prices."
edition.cnn.com/2022/03/01/energy/spr-explained/index.html

" Then we read "However, Congress deliberately kept price trigger considerations out of the President’s SPR drawdown authority because of the question about what price level should trigger a drawdown, and the concern that a price threshold could influence market behavior and industry inventory practices."
sgp.fas.org/crs/misc/R42460.pdf

Thus we must delve further into this question (noteworthy, we find that Obama in 2011 authorized a drawdown because of the Libyan fiasco, my terminology). Hey, if the Big Guy can do it, why can't I? (Biden's philosophy perhaps).
Interestingly Reuters reports ( Trump in 2020), "It was the first move by a president to fill the SPR since President George W. Bush, a Republican, ordered a fill to capacity in the wake of the Sept 11, 2001 attacks.
www.reuters.com/article/us-health-corona...sa-oil-idUSKBN210369

Why did Trump do this? As the Reuters article continues, we were awash in oil, now an exporter of such and in order to fill the SPR at a low price and to prop up the overall price of oil in the USA, Trump decided to fill the reserve.

I came away with the belief that Trump ordered filling of the SPR for national defense purposes and secondarily to support the energy sector of our economy which was being assaulted by increased production from Russia and OPEC.
Biden, on the other hand released oil from the SPR with the forlorn hope that it would stabilize energy prices.
I would be interested to hear your opinion.

WOW! Biden's Ministry of Truth is acting much faster than I expected. Careful what you say from this point on my friends, there's always a chance you could end up in solitary with capital riot trespassers.

A graph is worth a thousand words. By the way, how is your 401K doing?